Paul O. Dillon, Attorney at Law

Turning Market Losses into Tax Wins with Charitable Donations

Those who sold stocks or other securities during the recent market downturns have an option to do good while boosting tax benefits, says a recent article from Barron’s, “You Sold at a Loss. How to Cut Your Tax Bill and Help Others.” Charities can use the help right now, and you can ramp up your tax loss harvesting.

How could it work? Let’s say you owned 10,000 shares of company stock originally bought for $100 a share, costing $1 million, and the price fell to $70 a share, then you sold it for $700,000. You’ve realized a $300,000 loss you can use to offset future gains and avoid taxes. Suppose you are able to donate the $700,000 directly to a charity or contribute it to a Donor Advised Fund by December 31 and itemize deductions on your tax return. In that case, you’ll win twice with tax-loss harvesting and a charitable donation for the current year.

The key is to sell the asset first, then donate the proceeds to charity. People are usually advised to gift the asset directly to the charity to avoid capital gains and receive a deduction. However, in this strategy, the opposite is done. Take the loss yourself and avoid taxes on future gains.

If you gift assets with losses directly to a charity, you’ll still get the itemized deduction. However, when the charity sells the asset, the realized losses don’t flow back to you. Donating the asset first allows you to write off 60% of the value of the cash donation from your AGI, while gifts of appreciated stocks are capped at 30% of the donor’s Adjusted Gross Income.

A Charitable Lead Trust or Charitable Remainder Trust could also help if you’re sitting on cash from selling stocks or other assets and looking for estate planning ideas. These trusts are good tools for people who are charitably minded and want to get assets out of their taxable estate.

The Charitable Lead Trust allows the charity to receive annual payments over a specified term of years or until the donor’s death. At the end of the term, remaining assets are distributed to beneficiaries. In a Charitable Remainder Trust, the donor or beneficiaries receive an income stream for a specified term and any remaining assets are distributed to the charity.

If you use an undervalued asset in a Charitable Lead Trust, you’ll increase the impact for both the charity and beneficiaries. In a Charitable Lead Annuity Trust, the value of your donation will be discounted, since the charity receives the income over the term of the trust.

The charity receives funding, and heirs benefit from any rebound in the depreciated asset’s value and growth, while the estate avoids paying gift taxes.

Talk with an experienced estate planning attorney to discuss how these methods may burnish your legacy by minimizing taxes, thereby increasing inheritance and building a family tradition of supporting those less fortunate.

Reference: Barron’s (June 1, 2025) “You Sold at a Loss. How to Cut Your Tax Bill and Help Others”

Using Estate Planning Tools to Transfer Stocks and Equity Awards

Passing down wealth in the form of stock options, restricted stock, restricted stock units, ESPPS, other kinds of equity awards, or holdings of company shares requires unique estate planning considerations. A recent article, “Estate and Charitable Planning for Stock Options, RSUs, and Company Stock” from Forbes, presents insights on navigating this complex estate planning area.

Tax law changes are coming soon. However, the provision on the exemption amounts for estate tax and gift tax won’t impact the core strategies of these types of planning tools.

Think of revocable trusts, also called living trusts, like baskets to be filled with assets. By placing assets into a revocable trust, you avoid probate, maintain privacy and streamline asset distribution to beneficiaries. The revocable trust is flexible and can be altered in any way you want while living.

An irrevocable trust is different. The grantor cannot modify it once it is established and funded. However, the irrevocable trust comes with more tax advantages and asset protection. Assets in an irrevocable trust have better protection from creditors and may not be counted for Medicaid purposes. Your estate planning attorney will help determine which assets are best placed in this trust.

Beneficiary designations allow assets to be left directly to beneficiaries for financial instruments, such as life insurance policies, investment accounts and retirement funds. Depending upon the terms of your employer’s stock plans and procedures, it may be possible to have beneficiaries designated for equity awards, including RSUs (Restricted Stock Units) or NQSOs (Non-Qualified Stock Options).

The account your shares go into from an RSU vesting, options exercise, or ESSP purchase may have separate forms for beneficiary designations. The beneficiary designations you may have elected for stock grants do not automatically apply to the actual shares received. You’ll need to take extra steps to be sure that these assets go to the right people.

Each company’s stock plan has its own rules for what happens to any outstanding equity awards upon death. It’s possible for unvested stock options and RSUs to be forfeited. Read the grant agreement carefully. In some companies, the grant agreement allows vesting to continue or even to accelerate the vesting, and in the case of options, extend the exercise period for vested options.

Don’t neglect tax planning for gifting and wealth transfer. You may gift up to $19,000 every year to any individual without impacting your lifetime exemption or paying gift tax. Once you exceed the annual amount, your lifetime exemptions are reduced.

With gifts of assets like company stock, tax basis and holding periods carry forward. This lifetime gifting is helpful for all income levels, including gifting shares to people who would have a lower tax rate than gifts or on capital gains when stocks are sold.

Be mindful of the kiddie-tax rules before gifting shares to children to sell. Check with your estate planning attorney to clarify how this might impact tax liabilities.

Donating company stocks held for at least one year to charities is more tax-efficient than selling the stock and gifting cash proceeds. A tax deduction for the fair market value is created at the time of the stock donation. Appreciated investments are an excellent way to support charities, avoiding capital gains for the donor, which would otherwise be realized at the time of sale.

Other estate planning tools used for wealth transfer are Grantor-Retained Annuity Trusts (GRATs), Intentionally Defective Grantor Trusts (IDGTs) and Charitable Lead Trusts (CLTs). Your estate planning attorney can help guide you in which of these numerous tools will be most effective for your own estate plan.

Reference: Forbes (May 14, 2025) “Estate and Charitable Planning for Stock Options, RSUs, And Company Stock”

Using Estate Planning Tools when Markets Are Volatile

Estate planning provides a number of powerful strategies to support portfolios, protect assets, and stabilize investments. A recent article from Wealth Management, “Estate-Planning Techniques in Volatile Markets,” explains how.

Grantor Retained Annuity Trusts. GRATS are a special type of irrevocable trust created for at least two years. The trust's grantor transfers high appreciation assets to the trust while retaining the right to receive annuity payments. The assets transfer results in no gift tax to the grantor. This is referred to as a “zeroed out GRAT,” which sets the annuity interest so that the present value of the annuity payments equals the value of the assets transferred to the GRAT. When the trust expires, the assets pass directly to beneficiaries, removing assets from the grantor’s taxable estate. When assets are depressed and recovery is expected, GRATs are used to transfer wealth with minimal gift taxes.

Charitable Remainder Trusts. Annuity payments are made to the grantor, and remaining assets pass to the charity when the trust term ends. The CRT generates an income stream and gives the grantor a charitable deduction. When the assets in the CRT are sold, the CRT is deemed a tax-exempt entity. There are no capital gains taxes.  

Charitable Lead Trusts. CLTs work best in lower interest rate environments and are even better when funded with assets with significant appreciation potential. CLTs are irrevocable trusts that make payments to a charity during the term of the trust. At the end of the trust, remaining assets go directly to non-charity beneficiaries. If the trust is taxed to the grantor, the grantor can take an individual charitable income tax deduction.

Qualified Personal Residence Trusts. QPRTs are used to transfer a residence to beneficiaries with minimal gift tax costs and are best for high-interest rate environments. The owner can continue to live in the home for a period of time as specified in the trust. If the owner/grantor lives longer than the term, they can remain in the home but must pay rent, another way to minimize estate taxes. If the owner dies before the end of the trust term, the transfer tax benefits may be eliminated as the trust asset may be included in the grantor’s taxable estate.

Gifting to 529 plans. Parents and grandparents who want to limit their gifts to the current annual gift tax exclusion rate of $19,000 per person but want to do more may consider making a gift to a 529 plan for education costs. Individuals can make up to five years of contributions in one single gift to a 529 plan, making for a sizable reduction in an estate’s value. One caveat: if the donor dies within any of the five years, there may be estate and gift taxes due.

All these techniques must be reviewed with your estate planning attorney to be sure they align with the overall plan’s goals. With tax season over and summer on the horizon, now is a good time to make an appointment to review your estate plan.

Reference: Wealth Management (April 23, 2025) “Estate-Planning Techniques in Volatile Markets”

Optimize Estate Planning and Update Financial Baseline to Secure Your Future

Revisiting estate planning and financial strategies in the first quarter of the year can yield long-lasting benefits, according to a recent article from Kiplinger, “10 Ways to Refine Your Financial Plan for a More Secure Future.” No matter how busy you are, these ten steps are a good use of your time.

Conduct an annual financial review. Gain a clear view of your financial situation to make informed decisions. Is your net worth the same as it was last year? How have your assets and liabilities changed? Has recent market volatility or a large purchase impacted your overall financial situation? An objective look from a bird’s-eye view shows whether you’re still on track to reach your goals or if you’re retired, ensuring that you’re still on the right path.

Review your philanthropic plans. Whether you’re donating a wing to a local hospital or making monthly donations to local charities, review your giving over the last twelve months. Are you taking advantage of tax benefits through strategies like Donor-Advised Funds (DAFs), or should you consider using Charitable Trusts instead? Consult with your estate planning attorney to ensure that your generosity also benefits you and your family if that is an objective.

Review budgets and spending habits. Having discretionary income doesn’t necessitate a free-for-all. Understanding income and spending is fundamental to financial health at any level. Examine last year’s expenses and separate out one-time costs, such as installing a new roof or incurring large medical bills. Once you’ve identified spending habits, map out a plan for the rest of the year. Treating money with intention is more rewarding.

What’s your illiquid compensation? If you establish a 10b5-1 plan, you can execute stock transactions during open trading windows, mitigating legal risk and balancing your corporate responsibility with personal priorities. This type of plan allows you to schedule trades in advance and align transactions with both near-term and long-term goals. Know the value of any non-cash compensation and how much of your net worth it represents.

Is it time to rebalance your portfolio? If you haven’t rebalanced your portfolio in the last year, now is the time to do so. Be sure your asset mix is still what you wanted. The nature of markets and fund managers makes it impossible to avoid shifts entirely.

Maximize tax-advantaged accounts. Don’t leave money on the table. Accounts like 401(k)s, IRAs, HSAs and 529 plans all work to maximize tax advantages. However, it is only if you’re making contributions strategically. If your income is too high for direct contributions, or if you have a lower income, consider Roth conversions for IRAs and 401(k) plans.

Check your risk management. Insurance isn’t as sexy as investment portfolios. However, the protection is worth the investment. Make sure your wealth is protected with the correct insurance and a good estate plan.

Review estate planning and make annual exclusion gifts. Your estate planning attorney can explain how using your annual exclusion can help reduce estate tax exposure and benefit your loved ones. You can give $19,000 to as many people as you want annually without triggering any gift taxes or reducing your lifetime estate tax exemption. Making these gifts earlier in the year allows for more growth over time, making it a smart move for generational wealth transfers.

Tax planning season. If your finances are complex and your assets extensive, tax-saving strategies need to be revisited annually, and the first quarter is the most likely time. Let’s say you expect to have significant capital gains; charitable giving or tax-loss harvesting earlier in the year can help offset those tax liabilities.

Talk with your family about money. If your goal is to leave a legacy, you’ll want to discuss your values, philanthropy and creating a legacy with your family regularly, as well as stewarding wealth across generations. A habit of regular check-ins about finances will help establish a shared vision for both short-term and long-term goals.

Reference: Kiplinger (March 6, 2025) “10 Ways to Refine Your Financial Plan for a More Secure Future”

What Happens When a Pet Outlives Its Owner?

While leaving millions to a pet is a little extreme, regular people who love their dogs, cats, parrots and other companion animals are wise to make plans to protect their pets in case they become incapacitated or die before their pets. A recent article from MSN, “Things That Happen When a Pet Outlives Its Owner,” looks at what can happen to pets after their owners die.

If plans for the pet, including funding for care, aren’t made, there’s no way to be sure the pet will avoid the fate of many senior animals: an animal shelter. Making matters worse, senior dogs have a lower adoption rate, putting them at risk of remaining at the shelter for the rest of their lives or being euthanized.

If your family loves animals, or you have close friends who are animal people, your pet might get lucky and be adopted by a family member or friend. However, this doesn’t always work out. Even well-meaning friends may have allergies or a lifestyle that conflicts with having a pet. There may also be behavior problems because the pet is grieving the loss of their owner in a new environment, and it may become difficult for the friend or family member to take care of.

Clear instructions about the care of your pet and money to provide for their food, veterinary bills and other costs need to be set down in a legally enforceable document if your pet is to avoid being passed like a hot potato from person to person or to end up in a cage in a shelter.

Pets are considered property, so you can’t leave money directly to them. You could name a caretaker in your will and leave them a certain amount of money to care for the pet. However, the will may not be enforceable. They may use the money for other things while your dog is neglected.

If you don’t name a caretaker, the court may decide where your pet will end up. This can delay the pet’s being placed into a home environment while decisions are being made. Even short shelter stays can be traumatic for animals that are used to living with people.

Exotic pets pose a different set of problems. A large bird with a 50-year lifespan needing a special diet and habitat will not be easy to rehome. A large tortoise with a 100-plus-year lifespan will probably end up living in an animal sanctuary if one can be found and if the sanctuary can afford to take on the cost and responsibility.

An estate planning attorney can create a pet trust in most states for several purposes. The pet trust should be funded with money for the pet's care. A trustee oversees the money, while a caretaker is named in the trust to have physical custody of the pet.

Some shelters, especially no-kill shelters, have arrangements where a donation is required to ensure lifetime care in a suitable environment. The donations often incorporate a Charitable Lead or Charitable Remainder Trust.

Planning for your pet’s future will provide peace of mind, knowing your beloved companion will have a happy life even when you aren’t there.

Reference: MSN (Jan. 30, 2025) “Things That Happen When a Pet Outlives Its Owner”

Keep Your Life Private with a Trust

Jacqueline Kennedy Onassis signed a will in March 1994 after receiving a cancer diagnosis and died two months later. Her will is readily available on the internet since it becomes a public document when submitted for probate, according to an article from the American Legion, “Living Trusts vs. Wills.”

She remembered family members and friends in the will and also planned to make a large transfer to a Charitable Lead Trust. However, things didn’t work out the way she wanted. Her two children received her personal property and quickly put the items up for sale, netting $35 million. The rest of the estate was needed to pay taxes, and the CLT was never funded.

Bing Crosby, an American singer and celebrity, had a trust created for his estate plan. When his first wife died in 1952, she had a will transferring her separate and community property, which became public because of the probate process. After marrying again, Crosby created several trusts for his children from his first marriage, his new wife and the children from his second marriage. He wanted his privacy back.

There are many reasons to have a will. The will is used to name an executor for your estate, a guardian for minor children and express wishes for asset distribution. A last will and testament is a good starting point for an estate plan. If you are young and don’t have a lot of assets, a will may be all you need to distribute assets and plan for your children’s future.

As one moves through life and acquires property and perhaps wealth, it may be time to consider the use of trusts. Some people find a living or revocable trust to be the right solution. It allows the person creating the trust, the grantor, to retain complete control over the trust. You can change the terms, add and subtract beneficiaries and make changes whenever you want.

A living trust names a successor trustee. If you become incapacitated, the successor trustee can step in and manage the property owned by the trust. They can use the funds in the trust to pay for Long-Term Care or medical expenses.

If you own property in more than one state, a trust is an excellent means of avoiding having to go through probate in each state. With a living trust, your estate won’t have to go through multiple probate processes.

The privacy a trust offers can reduce the risk of someone contesting the estate. When a document about your property becomes public, distant relatives, creditors and thieves can connect the dots of your wealth and target your estate via litigation or scams.

Talk to your estate planning attorney about whether a trust is right for you and your family. If you do go forward with a trust, remember that the final step is to fund the trust. Don’t leave this out, or your trust won’t perform as planned.

Reference: American Legion (Jan. 15, 2025) “Living Trusts vs. Wills”

Is Charitable Giving Part of Your Estate Plan?

Legacy gifts and complex assets can be used in charitable giving to create a lasting impact for donors, heirs and the nonprofits they benefit, according to a recent article from Wealth Management, “Unlocking the Power of Complex Assets and Legacy Gifts in Philanthropy.”

Legacy donations, sometimes referred to as planned giving, involve gifting assets to a charity through trusts, wills, or beneficiary designations. These donations can be made during the donor’s lifetime, upon the donor’s passing, gifted all at once, or in a steady stream. Several trusts specifically allow for making donations, with Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs) among the most widely used.

An estate plan incorporating charitable giving should include educating family members about their own role in philanthropy. Creating a tradition of giving and service teaches the importance of compassion and social responsibility as part of the family’s legacy.

Legacy donations are often made through Donor-Advised Funds (DAFs). The estate planning attorney should discuss how donations are made to ensure that they align with the estate plan. Donations can be made annually, based on a percentage of the fund’s year-end balance, or structured according to the donor’s wishes.

Donating illiquid assets may yield greater benefits for a nonprofit than cash gifts. Nevertheless, some charities are reluctant to accept non-cash assets, since they may need to manage the assets and/or liquidate them. The DAF may provide a means of converting assets into cash for charitable giving.

A common gift to nonprofits is real estate property. The nonprofit may not have the money to maintain the property until it is sold, then sell the property. Instead of selling it and paying capital gains taxes (which will reduce the amount of money the charity receives), the donor can gift it to a DAF. The DAF facilitates the transfer, alleviating the nonprofit from the transactional work involved in real estate transactions.

Tax policy has recognized the social benefit of charitable giving for many years, acknowledging that donated assets aren’t income and shouldn’t be taxed. Legacy and complex asset gifts are not taxed as long as they are donated to charities recognized as 501(c)(3) organizations.

There have been some recent attempts to change the tax treatment of gifts, so an estate planning attorney should be consulted to ensure that all charitable giving falls within the current regulations and yields benefits for both donors and charity.

Reference: Wealth Management (Nov. 6, 2024) “Unlocking the Power of Complex Assets and Legacy Gifts in Philanthropy”

Charitable Giving Trusts Protect Assets and Create a Legacy of Giving

James Gandolfini was beloved for his role as Tony Soprano in the HBO show The Sopranos. His early death revealed a lack of estate planning and some painful lessons for his real-life family. Gandolfini left a $70 million estate and about 80% of it was not protected from estate taxes. A recent article from Investing Daily, “How to Avoid The Estate Planning Mistakes of James Gandolfini (aka Tony Soprano),” explains two of the many options Gandolfini didn’t take advantage of.

A Charitable Lead Trust, or CLT, serves several purposes. It provides a stream of income for a certain amount of time to a charitable organization. At the end of the period, the property in the trust goes to the donor or the beneficiary. When the gift is made under a CLT, the grantor immediately gets a federal income tax deduction equal to the present value of the future income stream. It should be noted that taxes do have to be paid every year by the donor on the value of the income interest paid to the charity.

You can create a CLT during your lifetime or establish it upon your death by stipulating it in your will. By establishing the CLT at death, an estate tax deduction is created. The CLT serves to reduce estate taxes and supports a charity you care about.

A similar trust is known as a Charitable Remainder Trust or CRUT. This type of trust increases the income stream while lowering taxes. With a CRUT, you are donating to charity.  However, you earn income from the donated assets during your lifetime. The objective is to sell a major appreciated asset without paying capital gains taxes on the profits. The donor funds the CRUT, and the charity receiving the asset is the charitable beneficiary. The charity must be an IRS-approved charity to gain these benefits.

The CRUT’s trustee can be the donor, the charity, an independent trust manager, or any person designed by the donor. Anyone receiving income from the asset under the terms of the CRUIT is known as an income beneficiary.

The trust document must name the trustee, the charitable beneficiary, the percentage to be paid to income beneficiaries and all the terms of the trust. The trust document also must specify the annual percentage paid by the donor, an amount between 5% and 50%. The annual percentage is required to give at least 10% of the amount transferred to the CRUT.

The trust can be funded with any kind of asset. The trustee then sells the assets, reinvesting the proceeds into a financial instrument owned by the trust. The term can be for the life of the donor or the life of a donor plus someone else. The CRUT can also be set by years, up to 20 years.

CRUTs and CLTs require the knowledge of an experienced estate planning attorney to be sure that they meet all the necessary guidelines to achieve their goals. For many people, these are excellent tools to create a family legacy of giving, while enjoying tax benefits and growing assets.

Reference: Investing Daily (Sep. 11, 2024) “How to Avoid The Estate Planning Mistakes of James Gandolfini (aka Tony Soprano)”

Estate Planning Answers for High-Income Families and Singles

You may never come close to Taylor Swift’s $92 million payday—and that was in 2022. And the CEO of JP Morgan Chase, Jaime Dimon, received a hefty $36 million in compensation in 2023. But there are some issues people with healthy incomes need to plan for, according to a recent article from mondaq, “Planning For Wealth: Lessons From Athletes, Entertainers, And Executives.”

This is especially relevant with the possible sunsetting of the historically high federal estate and gift tax exemptions created by the Tax Cuts and Jobs Act of 2017. You’ll want to start using estate, gift, and generation-skipping transfer tax exemptions before the law ends.

If you anticipate a large performance bonus, a profitable sale of a business, or a large award in a lawsuit in 2024, now is the time to get your estate planning underway.

In 2024, the estate and gift tax exemptions are $13.61 per person, as is the generation-skipping transfer tax. On January 1, 2026, the exemptions will be $5 million, plus the amount indexed for inflation. If this is a concern, you might consider giving a completed gift of the full exemption amount as soon as possible.

A dynasty trust could be a solution. You could name “future descendants” as the trust's beneficiaries, and if there are no children, name charities, siblings, or even parents as contingent beneficiaries.

A married person should speak with their estate planning attorney about the possibility of using Spousal Lifetime Access Trusts (SLATs) and Inter Vivos QTIP Trusts. These trusts allow indirect access to gifted access while utilizing exemptions.

What if $13.61 million is just a small portion of your wealth? An “incomplete gift plan” –a self-settled domestic asset protection trust—is an option. If exemptions increase by some chance, you can move assets from the self-settled trust to a dynasty trust. The “incomplete gift” self-settled trust is intact if the exemption goes down.

You might also want to consider using an Irrevocable Life Insurance Trust, or ILIT, to create liquidity with life insurance used to pay for estate taxes. This is especially useful if your estate includes illiquid assets.

There are some strategies to adopt in case of a large liquidity event. A Charitable Lead Annuity Trust (CLAT) is a trust funded with a one-time transfer. Payments are made to a qualifying charity for a set number of years. At the end of the term, any remaining trust property is paid to the named beneficiaries.

Another trust to consider is a Flip Charitable Remainder Trust. A Flip CRUT is also funded with a one-time transfer, but the trust creator delays distributions until a set period of time or until a triggering event. Until the “flip,” the trust remains invested. When the grantor dies, the assets in the trust are distributed to the named charity.

High-income earners also need to be mindful to have their estate planning attorney prepare Power of Attorney and Health Care Power of Attorney documents so a trusted person can take charge of their finances and be involved in medical decisions in case of incapacity.

Reference: mondaq (Aug. 2, 2024) “Planning For Wealth: Lessons From Athletes, Entertainers, And Executives”

Do You Need to Worry About Estate Taxes in 2024?

There are many common misconceptions about estate taxes when a person dies. First, any amounts left to spouses are tax-free. As reported in the article “Attorney At Law: What you should know about estate taxes” from TBR Newsmedia, any amounts above your state’s estate exemptions and the current federal estate tax exemption, which is $13,610,000, need estate planning.

Before considering these taxes, let’s clarify what makes up a taxable estate. All assets owned by an individual are counted towards their taxable estate, including IRAs, annuities, bank accounts, real estate and life insurance owned by the individual or for which the individual has the power to change the beneficiary.

Many states still have an estate tax, which often have far lower exemption levels than the current federal exemption. Your estate planning attorney will know what state estate or inheritance taxes your estate must address.

Many techniques are used to avoid estate taxes, including making tax-free annual gifts. In 2024, each individual may make tax-free annual gifts of up to $18,000 per person. These annual gifts can be used during your lifetime to bring the value of an estate under the threshold for state estate taxes and possibly even under federal estate taxes.

Charitable Remainder Trusts (CRT) or Charitable Lead Trusts (CLT) are used to reduce the size of an estate. A Charitable Lead Trust transfers property from your ownership to a trust set up to benefit a qualified 501(c)(3) nonprofit of your choice. The charity receives the income from the trust for a set period of years or the donor's life, after which time the remaining assets either go back to the donor or to their beneficiary.

The Charitable Remainder Trust is the opposite. In this trust, the grantor or another beneficiary receives income for life or a set period of years. The charity receives the remaining assets at the death of the last income beneficiary or the end of the term.

Anyone concerned with exceeding the federal exemption for federal estate tax needs to begin planning now, since the exemption will be dramatically reduced as of January 1, 2026, unless Congress acts.

An estate planning attorney is needed to guide you through the process.

Reference: TBR Newsmedia (March 8, 2024) “Attorney At Law: What you should know about estate taxes”